Mumbai: The benchmark indices are witnessing volatility. On one side shares of oil & gas, telecom and technology stocks are helping the markets. However, on the other side, banking, capital goods and real estate stocks are under pressure. Broader indices are quiet in trade.
Our markets did not see any major fall like other global markets did. Short covering is supporting the markets at lower levels.
The Sensex was trading at 9,048, up 13 points and the Nifty was at 2,782, up 12 points, at 10:44 hours IST. BSE Midcap and Small cap indices are flat.
Among frontliners, Reliance Industries, Bharti, NTPC, ITC, Reliance Communication, SAIL, ONGC, Infosys, Wipro and TCS are on the buyers' radar while HDFC, ICICI Bank, HUL, SBI, BHEL, DLF, HDFC Bank, Ambuja Cements, PNB, M&M and Hindalco are under pressure.
Market breadth is in favour of declines; about 1158 shares have advanced while 1650 shares declined. Nearly 213 shares are unchanged.
Among midcap stocks, Alstom Projects, Dalmia Cement and ICI India went up 3.4-6%. Maytas Infra locked at 5% upper circuit, as government moved company law board to supersede Maytas Infra and Maytas Properties boards. KEC International gained 3.82 per cent , as the company has bagged order worth Rs 365 crore.
However, Spice Communication, Lakshmi Energy, Anant Raj Ind, Geodesic and Kirloskar Brothers fell 4-6.5 per cent.
In the small cap space, Swaraj Engines gained 19.40 per cent. Hatsun Agro, Suashish Diamon, Infomedia 18 and Sulzer rose 6-10%. However, Garden Silk Mills, ABG Infralogistics, RSWM, Temptation Foods and Apollo Sindhoor fell 6.5-11%.
Markets @ 9:56 am : Mkts choppy; ONGC, RIL, telecom, tech gain
The benchmark indices have slipped in early trade and extended losses further for the third day in a row but immediately recovered from the lows of the day and trading with choppy trade. Short covering, after two days of severe fall, is helping the markets at lower levels.
Our markets did not fall in sync with global markets, which tumbled badly.
At 9:56 am, the Sensex was trading at 9,011 down 23 points and the Nifty was at 2,768 down 2 points. CNX Midcap fell 29 points, to 3,282.
Among frontliners, PNB, ICICI Bank, Tata Steel, DLF, Hindalco, Wipro, HDFC, Unitech, Maruti, M&M, NTPC, L&T, SBI, Tata Communication and SAIL are losers. However, Idea, BPCL, Ambuja Cements, TCS and Reliance Industries are supporting the benchmark indices.
Asian markets are trading lower. Shanghai plunged 2.73%. Hang Seng, Nikkei and Kospi fell 1.15-1.4%. Straits Times and Taiwan lost marginally.
US markets tumbled to a three-month low, extending a global slump, as a record contraction in New York manufacturing spurred concern that the government's stimulus package won't be enough to curb the deepening recession.
The Dow Jones Industrial Average closed at 7,552.60, down 297.81 points, or 3.79%. The Nasdaq composite index fell 63.70 points, or 4.15%, to close at 1,470.66 (Also See - Global Indices)
The S&P 500 fell 37.67 points, or 4.6%, to finish at 789.17, just above its 752.44 close on Nov. 20, when it ended at its lowest level since November of 2002.
Oil prices fell more than 7% to below 35 dollars a barrel as grim economic indicators battered markets and raised concerns about slumping demand. In after hours trading, NYMEX crude is at USD 34.90 a barrel, down USD 0.03.
Copper prices tumbled the most in more than three months on signs that slumping global growth is slashing demand for the metal.
Gold jumped to more than USD 975 an ounce, the highest price since July 2008, on speculation that low interest rates and government spending will devalue currencies, boosting the appeal of precious metals as a store of value.
Market cues:
Dow hits Nov closing low; US markets slide nearly 4%
Crude ends down over 7%, Gold up over 3% at around $975/ounce
FIIs net sell USD 70.3 million in equity on February 16
MFs net sell Rs 53 crore in equity on February 16
NSE F&O Open Int up by Rs 255 crore to Rs 55,775 crore
F&O cues:
Nifty rollover at 15%
Nifty down 2.8%; Feb Open Int down by 20.2 lakh shares or 7%
Total Fut Open Int down by Rs 519 crore and Total Options Open Int up by Rs 775 crore
Nifty Feb Futures discount at 16.5 pts versus 18 pts
Stock Futures shed 3.3 cr shares in the month of Feb, net add 27 lakh shares for Feb, Mar & Apr
Nifty Open Int PCR down from 1.22 to 1.13
Nifty Call add 27 lk shrs in OI; Put shed 3.12 lk shrs in Open Int
Nifty Feb 2800 Put shed 14 lakh shares in Open Int
Nifty Feb 2900 Put shed 5.3 lakh shares in Open Int
Nifty Feb 2500 Put shed 8.2 lakh shares in Open Int
Nifty Feb 2800 Call add 9.5 lakh shares in Open Int
Nifty Mar 2700 Put add 9.4 lakh shares in Open Int
Nifty Mar 3000 Call add 6.2 lakh shares in Open Int
Huge buildup seen in public sector banks, albeit on a small base
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